“BSEC is looking into whether the shareholders’ interest was protected in completing the amalgamation process of Summit Power,” said an official in BSEC. According to the merger scheme, Summit Power, a subsidiary of the Group and the country’s first private power generation firm, acquired shares of its three power generation units—Summit Purbanchol Power Company Limited (SPPCL), Summit Uttranchol Power Company Limited (SUPCL) and Summit Narayanganj Power Company Limited (SNPCL). On Wednesday, share prices of Summit Power fell marginally 0.6% to over Tk32 a share. Earlier on last March 16, Summit Power announced merger with three of its subsidiaries as part of a new business strategy of its parent company, Summit Group. For listed subsidiary, SPPCL, the share value was fixed on the basis of share value at its weighted average of net asset value as of 2015.

Source: Dhaka Tribune August 27, 2016 18:11 UTC